- Service and maintenance fees are collectible only against savings and demand deposit accounts, whether active or dormant, if balances fall below the required minimum ADB. The imposition of service and maintenance fees on savings and demand deposit accounts that meet the required monthly ADB is considered a violation of the provisions of Section X263 of the MORB;
- Conditions (a) to (d) of Section X263 refer to service charges or maintenance fees savings and demand deposit accounts, whether active or dormant, that fall below the required minimum monthly ADB; and
- Condition (e) exclusively pertains to the period and disclosure/notice requirement for imposition of charges and fees for dormant accounts or dormancy fee.
Banks are likewise enjoined to adhere to the due notice requirement under Section X263.1 of the MORB in case of amendments to terms and conditions for the imposition of service charges or fees.
Section 37 of Republic Act No. 7653, otherwise known as the New Central Bank Act, provides for administrative sanctions for, among others, any willful failure or refusal to comply with, or violation of, any banking law or any order, instruction, or regulation issued by the Monetary Board, or any order, instruction or ruling by the Governor. The imposition of these sanctions shall be without prejudice to the criminal sanctions against the culpable persons provided in Sections 34, 35 and 36 of the same Act. - https://www.affordablecebu.com/